Principal Financial Group Inc. Sells 7,183 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

Principal Financial Group Inc. reduced its position in shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 30.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,296 shares of the company’s stock after selling 7,183 shares during the quarter. Principal Financial Group Inc.’s holdings in AvidXchange were worth $132,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in AVDX. Advisors Asset Management Inc. increased its stake in shares of AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after purchasing an additional 2,114 shares during the last quarter. Lazard Asset Management LLC acquired a new position in AvidXchange during the first quarter worth approximately $7,621,000. Price T Rowe Associates Inc. MD raised its stake in AvidXchange by 6.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 97,054 shares of the company’s stock valued at $1,277,000 after buying an additional 5,563 shares during the period. California State Teachers Retirement System increased its holdings in shares of AvidXchange by 1.0% during the 1st quarter. California State Teachers Retirement System now owns 161,292 shares of the company’s stock worth $2,121,000 after acquiring an additional 1,656 shares during the last quarter. Finally, SG Americas Securities LLC raised its stake in AvidXchange by 2.9% in the 2nd quarter. SG Americas Securities LLC now owns 29,813 shares of the company’s stock valued at $360,000 after acquiring an additional 835 shares during the period. Institutional investors and hedge funds own 80.58% of the company’s stock.

AvidXchange Stock Performance

AvidXchange stock opened at $11.59 on Tuesday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock has a market cap of $2.38 billion, a PE ratio of 558.50 and a beta of 1.00. AvidXchange Holdings, Inc. has a 12-month low of $7.38 and a 12-month high of $13.56. The business’s 50-day moving average price is $8.82 and its two-hundred day moving average price is $9.72.

Insider Activity at AvidXchange

In related news, insider Joel Wilhite sold 19,358 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $8.15, for a total transaction of $157,767.70. Following the sale, the insider now owns 400,278 shares in the company, valued at $3,262,265.70. The trade was a 4.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Michael Praeger sold 6,701 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $8.17, for a total value of $54,747.17. Following the completion of the transaction, the chief executive officer now owns 10,410,983 shares of the company’s stock, valued at $85,057,731.11. This represents a 0.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,756 shares of company stock valued at $358,780. 10.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Susquehanna dropped their price objective on shares of AvidXchange from $16.00 to $14.00 and set a “positive” rating on the stock in a research report on Thursday, August 1st. Barclays raised their price objective on shares of AvidXchange from $11.00 to $13.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. The Goldman Sachs Group upped their target price on AvidXchange from $7.00 to $9.00 and gave the company a “sell” rating in a research report on Thursday, November 7th. Compass Point raised AvidXchange from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $8.00 to $15.00 in a report on Thursday, November 7th. Finally, UBS Group upped their price objective on AvidXchange from $10.00 to $10.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, AvidXchange presently has an average rating of “Hold” and a consensus target price of $11.39.

AvidXchange Company Profile

AvidXchange Holdings, Inc provides accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers in North America. The company offers AP automation software, a SaaS-based solution that automates and digitizes capture, review, approval, and payment of invoices for buyers; the AvidPay network that connects two-sided payments with buyers and suppliers; and the AvidXchange Supplier Hub, which provides supplier insights to cash flow, tools for in-network invoices and payments, and early payment feature.